Tesla Teases Model Y Compact SUV

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Tesla CEO Elon Musk on Tuesday revealed new details about the Model Y electric SUV during the company's annual shareholder meeting.

During a presentation, and more than an hour of questions, Musk seemed buoyant, at times overcome with emotions, as he ticked off the company's achievements: the Model 3's ranking as a top-selling premium sedan in the United States, installation of one gigawatt-hour of energy storage, the 2020 production plans for the Model Y and revamped Roadster.

The money-losing auto maker has said its forecasts for profit and cash generation in the second half of this year - which Musk reaffirmed during Tesla's annual meeting on Tuesday - are dependent on reaching this target.

I think most of the increase comes from Musk's confidence in hitting the Model 3 production goals and achieving profitability. The stock was trading at $301.50 on Wednesday.

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Tesla and its high-profile, tweeting CEO have been under the microscope in recent months after a spate of negative press over vehicle crashes, the company's cash position and the leadership style of Musk, who has snubbed financial analysts and publicly castigated the media. "At a lot of other companies, they're built by marketing or the finance department and there's no soul".

The idea of a battery-powered motorcycle from Tesla has been floated before, and it would have made sense, more so, since the future of the two-wheeler industry seems to be veering towards the electric space, much like cars and other automobiles. In addition to being Tesla's CEO, Musk is also Tesla's chairman and largest shareholder. After raising money for the Boring Company by selling hats, Musk tweeted he would next sell flamethrowers.

Tuesday's vote also determined the fate of three members of Tesla's board of directors: Antonio Gracias, a private equity investor; Kimbal Musk, Elon Musk's brother; and James Murdoch, the chief executive of Twenty-First Century Fox.

Answering a Twitter question about whether European customers will get a cab-over-engine model, Musk said that an upcoming revision to the design that was revealed in late 2017 will make the truck fit in with legislations across the world. "We are addressing them". In less than one year from the date of the 2018 shareholder meeting, said Musk, Tesla will have installed its next 1 gigawatt-hour. Robin Ren, head of world-wide sales, said it would be located in Shanghai.

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